© Dukascopy Bank SA
- NAB (based on Bloomberg)
Pair's Outlook
AUD/USD continues to grind upwards regardless of the ‘sell' signals given by three out of eight technical indicators. At the moment the pair is struggling at 0.9197/84, the resistance formed by the weekly R1 and 20-day SMA. Once this level is overcome, the next one will be encountered at 0.9348/27 that guards a key area at 0.9401/0.9383, the former three-year low.
Traders' Sentiment
Encouraged by the recent rally, the traders are willing to enhance their exposure towards the Australian Dollar. At the moment 74% of positions are long on the currency and only 26% of investors assume the current bullishness is nothing but a correction of a major leg down.
© Dukascopy Bank SA